The Financial Leader’s Blueprint to Streamlined Multichannel Communication Management

Financial institutions are currently facing substantial challenges in delivering consistent and seamless communication with customers across a multitude of channels. Nowadays customers engage with businesses through multiple touchpoints. Each of these interactions demands a personalized messaging strategy to effectively address customer needs and preferences.

To maintain customer trust and engagement, financial institutions must prioritize multichannel communication management. By adopting a tailored approach, organizations can enhance the customer experience, foster loyalty, and build lasting relationships. Ensuring accuracy and relevance in every interaction not only supports customer satisfaction but also strengthens the institution’s reputation in a competitive market.

Siloed Multichannel Communication in Financial Institutions

As digital transformation continues to reshape the financial sector, organizations face increasing challenges in delivering a cohesive and personalized communication experience across multiple channels. A recent report by McKinsey in 2023 highlights a critical expectation among customers – 75% of consumers anticipate consistent communication, regardless of the device or channel they engage with. This statistic underscores the urgency for financial institutions to adapt their communication strategies to meet customer demands effectively.

The complexity of managing diverse communication channels can lead to operational inefficiencies and inconsistencies in branding. Each channel – email, whatsapp engagement, push notifications, or SMS – requires tailored templates to ensure that messaging aligns with brand identity and customer expectations. This necessity often results in increased workloads for teams, potential errors in messaging, and challenges in maintaining a unified brand voice.

1. Increased Complexity: Managing communication across multiple channels can be daunting. The necessity of creating and maintaining distinct templates for each channel demands substantial time and resources. This complexity can strain teams, detracting from their ability to focus on strategic initiatives. According to experts, simplifying the management process can enhance efficiency and overall effectiveness.
2. Inconsistent Branding: Inconsistent tone and messaging across channels can undermine customer trust. Research indicates that consistent branding can boost revenue by 23%. When customers encounter differing messages or styles, it can create confusion and diminish their overall experience. A transparent approach to maintaining brand integrity across all platforms is crucial for fostering loyalty and driving revenue growth.
3. Operational Inefficiency: The management of multiple templates across various channels often results in operational inefficiencies. This situation can lead to increased costs and process delays, as teams may struggle to keep track of different versions and updates. Implementing streamlined processes and centralized systems can improve operational efficiency, reducing unnecessary expenses and ensuring timely communications.
4. Customer Dissatisfaction: A fragmented user experience across channels can significantly frustrate customers, leading to higher churn rates. When customers receive inconsistent messages or face challenges in navigating different platforms, their satisfaction can diminish. By prioritizing a cohesive communication strategy, organizations can enhance the customer journey, ultimately improving retention and satisfaction.

The VARTA Solution: Streamlining Multichannel Communication

VARTA, a cutting-edge Customer Communication Management (CCM) platform, is designed to resolve these complexities through its unified approach. Leveraging VARTA’s single-template solution allows financial institutions to deliver consistent, high-quality communication across all channels, improving customer satisfaction and operational efficiency.

Unified Template Management for Consistency and Efficiency

VARTA’s multichannel communication management is specifically designed for financial institutions, allowing them to streamline their communication processes. By utilizing a single, adaptable template, VARTA simplifies the management of communications across various channels.

This innovative approach not only minimizes the need for multiple templates but also significantly reduces operational complexity, ensuring that financial institutions can efficiently engage with their customers while maintaining high standards of accuracy and consistency in their messaging. With VARTA, organizations can enhance their communication strategies, ultimately driving better customer experiences and operational effectiveness.

VARTA played a crucial role in transforming and migrating all legacy workloads to a single application built with Quadient Inspire. This transformation led to:

• A 90% reduction in template inventory
• A 50% reduction in dependency on multiple skills and vendors
• The ability to send over 30 million monthly statements within 48 hours

Additionally, VARTA helped ICICI Bank create a central library of communication templates and assets, reducing the change cycle by 60%. The rollout included integrating additional data sources and utilizing new channels such as HTML5 chatbots and personalized videos.

Key Gains For The Organization:

The synergy of VARTA with Quadient Inspire brought several business benefits to ICICI Bank:

1. Platform Consolidation: All customer correspondences were consolidated on one platform.
2. Simplified Communication Processes: The approach to communication was simplified across the enterprise, making it easier for the business and technology teams to manage.
3. Increased Efficiency: The bank saw a 2x increase in efficiency in sending high-volume communications and enabled scalability in integrating channels and data sources.
4. Revenue Growth: The bank projected a 3x increase in revenue from cross-selling initiatives.

ICICI Bank can now generate and send 20 million account statements in approximately 48 hours, enable real-time statements without limitations on the number of transactions, and reduce the TAT for communication development by 60-65%. The effort saved on business-as-usual (BAU) tasks has been redirected towards ideation and improvement.

Enhancing Customer Experience with Personalization and Flexibility

Customers today seek more than just consistency in their interactions; they desire personalized and relevant experiences. VARTA meets these expectations by utilizing data-driven capabilities that enable financial institutions to provide tailored content.

By analyzing customer preferences, behaviors, and historical interactions, VARTA helps organizations deliver meaningful communications that resonate with each individual. The multichannel communication management approach enhances customer satisfaction and builds trust and loyalty, ultimately driving better engagement and business outcomes.

• Hyper-Personalization: A 2024 study by PwC found that 82% of consumers are more likely to engage with brands that deliver personalized communication. VARTA taps into this demand by using customer data to create personalized interactions, improving satisfaction and engagement. Also by leveraging modern CCM, a US-based financial services provider saw a 10% boost in customer retention through targeted, personalized messaging, particularly in mobile notifications and email campaigns.

Boosting Operational Efficiency with Automation

VARTA enhances business efficiency by automating the generation and distribution of customer communications, enabling organizations to shift their focus toward strategic growth initiatives. By minimizing reliance on manual processes, VARTA not only streamlines operations but also accelerates the ability to adapt to market changes swiftly.

This automation ensures that businesses can respond effectively to evolving customer needs and market dynamics, ultimately fostering a more agile and competitive environment.

• Cost Savings: Automated content generation and delivery can reduce operational costs by 30%, as per Gartner’s 2023 report on content automation. This cost-effectiveness allows financial institutions to allocate resources to higher-value initiatives.
• Operational Agility: VARTA’s flexible platform enables businesses to quickly respond to new regulatory requirements or shifts in customer preferences, providing a competitive edge in the market.

Ensuring Consistent Branding Across Channels

VARTA ensures that a brand’s identity, including its tone, style, and messaging, remains consistent across all communication channels. This consistency is essential for fostering long-term customer loyalty and trust, as it reinforces the brand’s values and enhances the customer experience.

By maintaining a cohesive identity, VARTA not only strengthens brand recognition but also builds a reliable relationship with customers, contributing to a deeper sense of engagement and satisfaction. This commitment to consistency reflects VARTA’s expertise in enhancing brand integrity and delivering significant value to both businesses and their customers.

• Data-Driven Result: A 2023 Lucidpress survey revealed that consistent brand presentation can increase revenue by up to 33%. VARTA’s single-template system ensures all messaging aligns with brand guidelines, across every channel, enhancing trust and customer loyalty.

Multichannel Communication Management with VARTA

Financial Leaders responsible for customer engagement strategies must adeptly navigate the intricacies of multichannel communication management to sustain a competitive advantage. VARTA offers a transformative solution designed to streamline template management and enhance operational efficiency. By enabling businesses to deliver consistent and personalized customer experiences across various channels, VARTA empowers executives to improve engagement and drive customer satisfaction.

This approach not only simplifies the complexities of multichannel communication management but also ensures that organizations can effectively meet the evolving needs of their customers in today’s dynamic market.

Adopting VARTA equips financial institutions with the tools they need to thrive in today’s dynamic market:

• Customer Trust: VARTA helps financial institutions present a unified and professional front, ensuring every interaction enhances brand credibility.
• Operational Scalability: By consolidating communications through a single platform, VARTA allows institutions to scale their operations without additional overhead.
• Increased Engagement: Personalized, seamless communication across channels keeps customers engaged, leading to improved retention and loyalty.

A Strategic Investment in Multichannel Communication Management

VARTA enables financial organizations to navigate the complexities of multichannel communication management, significantly enhancing customer satisfaction and operational efficiency. By adopting a unified strategy, financial leaders can strategically position their organizations to thrive in the competitive financial services landscape. This approach not only facilitates seamless and meaningful interactions with customers but also empowers institutions to elevate the overall customer experience, fostering loyalty and trust.

Through its comprehensive capabilities, VARTA serves as a valuable asset for leaders aiming to drive excellence in customer engagement. Explore how VARTA can revolutionize your multichannel communication management strategy and unlock new growth opportunities for your business.